Answer problem 4 questions. Problem 4Hero Company provided for doubtful accounts expense monthly at 3% credit sales. Thebalance in the allowance for doubtful accounts was P1,000,000 on January 1, 2021.During 2021, credit sales totaled P20,000,000, interim provisions for doubtful accountswere made at 3% of credit sales, P200,000 accounts were written off, and recoveries ofaccounts previously written off amounted to P50,000.An aging of accounts receivable was made on December 31, 2021:1-60 days61-180 days181-360 daysMore than 1 year6,000,0002,000,0001,500,000500,00010,000,00010% uncollectible20% uncollectible30% uncollectible50% uncollectibleBased on the review of the "more than one year" category, additional accounts ofP100,000 are to be written off on December 31, 2021.7. What amount should be reported as doubtful accounts expense for the currentyear?8. What is the amount of year-end adjustment to the allowance for doubtfulaccounts on December 31, 2021?9. What is the net realizable value of accounts receivable on December 31,2021?

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Problem 4 Hero Company provided for doubtful accounts expense monthly at 3% credit sales. The balance in the allowance for doubtful accounts was P1,000,000 on January 1, 2021. During 2021, credit sales totaled P20,000,000, interim provisions for doubtful accounts were made at 3% of credit sales, P200,000 accounts were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made on December 31, 2021: 1-60 days 6,000,000 2,000,000 61-180 days 181-360 days 1,500,000 More than 1 year 500,000 10,000,000 10% uncollectible 20% uncollectible 30% uncollectible 50% uncollectible Based on the review of the "more than one year" category, additional accounts of P100,000 are to be written off on December 31, 2021. 7. What amount should be reported as doubtful accounts expense for the current year? 8. What is the amount of year-end adjustment to the allowance for doubtful accounts on December 31, 2021?_ 9. What is the net realizable value of accounts receivable on December 31, 2021?

Problem 4 Hero Company provided for doubtful accounts expense monthly at 3% credit sales. The balance in the allowance for doubtful accounts was P1,000,000 on January 1, 2021. During 2021, credit sales totaled P20,000,000, interim provisions for doubtful accounts were made at 3% of credit sales, P200,000 accounts were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made on December 31, 2021: 1-60 days 6,000,000 2,000,000 61-180 days 181-360 days 1,500,000 More than 1 year 500,000 10,000,000 10% uncollectible 20% uncollectible 30% uncollectible 50% uncollectible Based on the review of the "more than one year" category, additional accounts of P100,000 are to be written off on December 31, 2021. 7. What amount should be reported as doubtful accounts expense for the current year? 8. What is the amount of year-end adjustment to the allowance for doubtful accounts on December 31, 2021?_ 9. What is the net realizable value of accounts receivable on December 31, 2021?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 2CE: Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit...

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